MANILA, Philippines — President Ferdinand Marcos Jr. assured Friday that the government has secured enough crude oil supply to last until the end of June, along with up to 45 days’ worth of other fuel products.
Marcos said the Philippines, a petroleum-importing nation, has been seeking alternative fuel sources outside the Middle East, including from Japan, South Korea, China, and Russia.
“We already have supply of crude oil until June 30,” Marcos told reporters. “But we are continuing to look for supply and we are continuing support for our commuters.”
The Department of Energy (DOE) clarified that the additional supply includes gasoline, diesel, kerosene, jet fuel, fuel oil, and liquefied petroleum gas (LPG). Diesel, the main fuel for passenger and cargo transport, agricultural machinery, and marine vessels, is primarily imported from South Korea, Indonesia, and China—countries that have recently restricted exports.
On Monday, around 700,000 barrels of Russian crude oil were delivered to Petron Corp., although it was unclear if this shipment is included in the government’s secured supply.
Marcos instructed the DOE to continue looking for additional sources, citing uncertainty over the duration of the Middle East conflict and potential disruptions to oil passing through the strategic Strait of Hormuz, where roughly one-fifth of the world’s oil supply transits.
To address the energy situation, Marcos issued Executive Order No. 110, declaring a one-year state of national energy emergency. The measure adopts the Unified Package for Livelihoods, Industry, Food, and Transport to ensure stable energy supply, uninterrupted essential services, and economic continuity.
An industry source projected diesel prices could rise by P11 to P12 per liter next week, pushing regular diesel above P140 per liter and premium diesel over P150. Gasoline prices are expected to rise modestly, by around P3 per liter, as regional supply risks ease slightly.
The government has allotted P20 billion to purchase 2 million barrels of diesel (about 318 million liters), which will last roughly 10 days. The first shipment under the Emergency Energy Security Program—142,000 barrels, or 22.5 million liters—was delivered Thursday and will be sold at cost to local fuel retailers.
According to DOE data as of March 20, gasoline inventories may last 53 days, diesel 45 days, and kerosene 97 days.
Arnel Ty warned households and food businesses to prepare for an LPG price increase of at least P30 per kilogram in April.
